2. State of Florida Deferred Compensation Program Alex Sink Chief Financial Officer State of Florida
3. 3 Keys To Prepare For Retirement Florida Retirement System (pension or Investment Plan) Supplemental Savings (Deferred Compensation., Individual Retirement Accounts, etc.) Social Security Benefits
4. Your FRS Benefits Example 1 Example 2 Your years of service 10 years 30 years Multiply by X X X X 1.6% 1.6% Benefit % Multiply by Average salary Of 5 best years To find your FRS benefit $34,000 $34,000 $5,400 a year $453 a month $16,320 a year $1360 a month
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7. Advantages of Pre-Tax Investing Basic Savings Deferred Comp. Account (After - Tax) Account (Pre - Tax) Gross Income $2,800 $2,800 Pre - Tax Investment $0 ($200) Gross Taxable Income $2,800 $2,600 W/H Tax ($355) ($325) S.S. & Medicare ($214.20) ($214.20) $2,230.80 After - Tax Investment ($200) $0 Spendable Income $2,030.80 $2,060.80 $2,060.80 After - Tax
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9. How Do I Choose A Company? Publications and other information is available by phone or the Internet. www.myfloridadeferredcomp.com (850) 413-3162 Toll-free 1-877-299-8002
